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Private equity firm H.I.G. Capital announced an affiliate completed the acquisition of Cardinal Logistics Holdings, a provider of dedicated transportation and logistics services in North America.
Cardinal ranks No. 24 on the Transport Topics Top 50 list of the largest logistics companies in North America.
“We believe Cardinal represents a compelling opportunity to invest in transportation and logistics, especially as supply chains become more complex and locking in reliable, dedicated capacity takes on mission-critical importance,” Richard Stokes, managing director at H.I.G., said in a company release. “As customers continue to outsource their transportation and logistics needs, we expect Cardinal to become an increasingly important strategic partner.”
Cardinal was founded in 1997 and is headquartered in Concord, N.C. It has 3,200 drivers and a combined fleet of 10,000 tractors and trailers that serve 65 customers in 170 locations.
Miami-based H.I.G. has $30 billion of equity capital under management and specializes in providing debt and equity capital to small and mid-sized companies. — Transport Topics